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Founded in 1956, Life Insurance Corporation of India is India's only government owned Insurance company. The company was founded by merging 245 insurance companies, establishing LIC's monopoly in the market until 1990. With over 2000 branches, 113 divisional offices, 1178 mini offices and 1526 Satellite Offices, LIC is India's largest and oldest life insurance company. LIC is the largest insurance company in India with about 28 crore policies in force equalling a sum assured of Rs. 45 lac crores. The annual premium receivable by LIC was Rs. 2 lac crores in the financial year 2018-19. LIC had investments valued at Rs. 30 lac crores as on March 31st, 2019. Govt of India to hold controlling stake - 75% for the first five years and 51% at all times after 5 years
Initial Public Offering (IPO) is conveyed as a process of offering shares of any particular private corporation to a public in the form of a new stock insurance. The shift from a private to a public company is considered an important time for private investors to understand the gains from their investment completely. These offerings traditionally include premiums of shares for current private investors. Alongside, the participation of public investors is also allowed in the offering. A company planning an IPO would choose an exchange in which shares are issued and traded publicly where they typically select an underwriter or underwriters.
Opportunity to buy stock at the lowest possible price
Probability of making profits on listing is high
Get retail discount of around 10% on some IPOs
You get the opportunity to be a part of the growth story of the issuing company
The LIC IPO will open on 4th May and close on 9th May, 2022.
The LIC IPO comprises an offer for sale of 221.37 million shares.
The LIC IPO lot size is of 15 shares.
The LIC IPO price band is Rs 902-949 per share.
A discount of Rs. 60 per share is being offered to eligible policyholders bidding in the Policyholder Reservation Portion. Thus, eligible policyholders can apply in the price range of Rs 842 – 889
If an individual is investing in any one of these reserved quotas - policyholders, employees or retail – he/she can at the most invest Rs 2 lakh (net of discount) through their own demat account. However, if he/she bids in all three quotas – policyholders, employees as well as retail investors – he can get an aggregate limit of Rs 6 lakh.
Yes, an individual can bid for more than Rs 2 lakh worth of shares in the non-institutional quota (NII) but then he can’t bid in the retail quota. Similarly, if an individual bids in the retail quota, his non-institutional bid will not be accepted. And if someone bids in both the quotas, both the bids will get rejected.
You can take this route if you are a resident Indian individual, Hindu Undivided Family (in the name of the Karta) or an eligible NRI. The maximum bid can be up to Rs 2 lakh, net of retail investors’ discount (Rs 45 per share).
Only one of you can apply for the discounted equity shares. If you have a joint demat account, the applicant needs to be the first/primary account holder.
Policyholders who were allotted equity shares under the reservation category can sell the shares anytime as per their choice.
All policy holders can bid in the IPO. Those policies which are not out of LIC's record till maturity, surrender or death of the policy holders are included in this.
As per income tax rules, investment in equity shares of LIC will not qualify for tax exemption.